Louis Bacon Wins Court Victory in Defamation Case

NASSAU, Bahamas--(BUSINESS WIRE)--The Bahama Journal and its online website have agreed to publish a
front-page apology to Louis Bacon for making entirely false statements
about him that were the result of a ``smear campaign.’’

The apology is the result of a settlement reached this week between the
Bahama Journal and Mr. Bacon, founder of Moore Capital Management and
Moore Charitable Foundation. In open court, a lawyer representing Jones
Communications Limited, the publisher of the Bahama Journal, conceded
that the newspaper had been used ``by person or persons who had an
agenda against the plaintiff.’’

The Bahama Journal’s published apology states:

``We now appreciate that these claims are entirely false and should
not have been published. We express our regret, and, apologise to Mr.
Louis Bacon and his family for any embarrassment or distress which may
have been caused to them.’’

A lawyer representing the Bahama Journal also made the following
statement in open court:

``The Defendant accepts that the allegations concerning the Plaintiff
were false and the Bahama Journal was used as a conduit for a
smear-campaign against the Plaintiff.‘’

Statements read by attorneys for Louis Bacon and Jones Communications
were included in a filing with the Supreme Court of the Bahamas, which
approved the settlement.

The apology comes after London-based lawyers for Mr. Bacon sought a
retraction and apology for the articles which were published in May. The
articles included a series of outrageous falsehoods including the
allegation that Mr. Bacon was involved in drug trafficking, public
corruption and the cover-up of a murder.

Court documents show that Wendell Jones, the publisher of the Bahama
Journal, agreed to print stories by a freelance journalist who had
offered to be an unpaid columnist for the publication.